{"id":10834,"date":"2025-12-15T18:58:34","date_gmt":"2025-12-15T21:58:34","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10834"},"modified":"2025-12-15T18:58:36","modified_gmt":"2025-12-15T21:58:36","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-%ed%86%b5%ed%99%94-%ec%a0%95%ec%b1%85-%ea%b3%b5%ec%a7%80%ed%86%b5%ed%99%94%ec%a7%80%ed%91%9c-%ec%b2%b4%ea%b3%84%ec%9d%98-%ec%8b%ac%ed%99%94-2026%eb%85%84","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10834","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd] \ud1b5\ud654 \uc815\ucc45 \uacf5\uc9c0\ud1b5\ud654\uc9c0\ud45c \uccb4\uacc4\uc758 \uc2ec\ud654 : 2026\ub144 \uc7ac \ud654\ud3d0\ud654 \ub2e8\uacc4"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\ud1b5\ud654\uc815\ucc45 \uacf5\uc9c0
\ud1b5\ud654\uc9c0\ud45c \uccb4\uacc4\uc758 \uc2ec\ud654: 2026\ub144 \uc7ac(\u518d)\ud654\ud3d0\ud654 \ub2e8\uacc4<\/p>\n\n\n\n

\uac00\uaca9 \uc548\uc815\uc131\uc744 \uacf5\uace0\ud788 \ud558\uae30 \uc704\ud574, \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc740 \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8\uc758 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\ub97c \uc2dc\uc791\ud55c\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4.
\ub2f9\uad6d\uc758 \ub178\ub825\uc774 \uc9d1\uc911\ub420 \ubaa9\ud45c\ub294 \uad6d\ub0b4 \uc778\ud50c\ub808\uc774\uc158\uc744 \uad6d\uc81c \uc218\uc900\uc5d0 \uc218\ub834\uc2dc\ud0a4\ub294 \uac83\uc774\ub2e4.
\uac70\uc2dc\uacbd\uc81c \ubd88\uade0\ud615\uc758 \uc131\uacf5\uc801 \ud574\uc18c\uc640 \uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131(\ud2b9\ud788 \uc120\uac70\ub85c \uc778\ud55c \ubd88\uc548)\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc774 \uacac\uace0\ud558\uac8c \uc720\uc9c0\ub41c \ub355\ubd84\uc5d0, BCRA\ub294 \uc911\uae30\uc801\uc778 \uacc4\ud68d \uc218\ub9bd\uacfc \uc720\ub9ac\ud55c \uc870\uac74 \uc870\uc131\uc5d0 \uc9d1\uc911\ud560 \uc218 \uc788\uac8c \ub418\uc5c8\ub2e4.
\uc774 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\uc5d0\uc11c\ub294 \uacbd\uc81c\uc758 \uc7ac\ud654\ud3d0\ud654(re-monetizaci\u00f3n)\uc640 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\uac00 \ud575\uc2ec\uc774 \ub41c\ub2e4.
\ud1b5\ud654\uc815\ucc45\uc740 \ud1b5\ud654\uacf5\uae09\uc744 \ud655\ub300\ud558\uae30\ubcf4\ub2e4\ub294 \uc678\ud658\ubcf4\uc720\uace0 \ucd95\uc801\uc744 \uc6b0\uc120\uc2dc\ud558\uc5ec \ud1b5\ud654 \uc218\uc694\ub97c \ucda9\uc871\uc2dc\ud0a4\ub294 \ubc29\uc2dd\uc73c\ub85c \uc6b4\uc601\ub420 \uac83\uc774\ub2e4.
BCRA\ub294 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00\uc548\uc815\ud654) \uacfc\uc815\uacfc \uad6d\uc81c\uc900\ube44\uae08 \ucd95\uc801\uc744 \uc870\ud654\uc2dc\ud0a4\ub294 \ubc29\ud5a5\uc73c\ub85c \ud1b5\ud654\uc9c0\ud45c \uada4\uc801\uc744 \uc124\uacc4\ud55c\ub2e4.<\/p>\n\n\n\n

\uc8fc\uc694 \ucc44\ud0dd \uc870\uce58 \uc694\uc57d
2026\ub144 1\uc6d4 1\uc77c\ubd80\ud130 \ud658\uc728\ubcc0\ub3d9 \ubc34\ub4dc\uc758 \uc0c1\u00b7\ud558\ud55c\uc774 INDEC(\uad6d\uac00\ud1b5\uacc4\uccad)\uc774 \ubc1c\ud45c\ud558\ub294 \uc804\uc6d4 \ubb3c\uac00\uc0c1\uc2b9\ub960(T-2 \uae30\uc900)\uc5d0 \ub9de\ucdb0 \ub9e4\uc6d4 \uc870\uc815\ub41c\ub2e4.
\uac19\uc740 \ub0a0\ubd80\ud130 BCRA\ub294 \ud1b5\ud654\uc218\uc694 \uc99d\uac00\uc5d0 \uc0c1\uc751\ud558\ub294 \uc900\ube44\uae08 \ucd95\uc801 \ud504\ub85c\uadf8\ub7a8\uc744 \uc2dc\ud589\ud55c\ub2e4.
\uae30\ubcf8 \uc2dc\ub098\ub9ac\uc624\ub294 2026\ub144 \ub9d0\uae4c\uc9c0 \ud1b5\ud654\uae30\uc800\uac00 GDP\uc758 4.2%\uc5d0\uc11c 4.8%\ub85c \ud655\ub300\ub418\ub294 \uac83\uc73c\ub85c,
\uc774\ub97c \uc704\ud574 \uc57d 100\uc5b5 \ub2ec\ub7ec\uc758 \uc678\ud658 \ub9e4\uc785\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4.
\ucd94\uac00\ub85c GDP\uc758 1%\uc5d0 \ud574\ub2f9\ud558\ub294 \ucd94\uac00 \uc218\uc694\uac00 \ubc1c\uc0dd\ud560 \uacbd\uc6b0, 170\uc5b5 \ub2ec\ub7ec\uae4c\uc9c0 \ub9e4\uc785\uc774 \ud655\ub300\ub420 \uc218 \uc788\ub2e4.
BCRA\ub294 \uc77c\uc77c \uc678\ud658\uc2dc\uc7a5 \uc720\ub3d9\uc131 \uad00\ub9ac \ubc94\uc704 \ub0b4\uc5d0\uc11c \ub9e4\uc785\uc744 \ubd84\uc0b0 \uc2dc\ud589\ud558\uc5ec \uc2dc\uc7a5 \uc548\uc815\uc131\uc744 \uc720\uc9c0\ud560 \uac83\uc774\ub2e4.
\ubc30\uacbd: \ucd5c\uadfc \uc9c4\uc804 \ubc0f \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8\uc758 \uc804\uac1c
2024\ub144\uc758 \uac70\uc2dc\uacbd\uc81c \uc548\uc815\uc740 \uc7ac\uc815\uaddc\uc728 \ud655\ub9bd, \uad6d\ucc44\uc758 \ud654\ud3d0\ubc1c\ud589\uc744 \ud1b5\ud55c \uc9c1\uc811\uc801 \uc7ac\uc6d0\uc870\ub2ec \uc911\ub2e8, \uc774\uc790\uc9c0\uae09\uc131 \ubd80\ucc44 \uc81c\uac70\ub97c \ud1b5\ud574 \ub2ec\uc131\ub418\uc5c8\ub2e4.
2023\ub144 12\uc6d4\ubd80\ud130 BCRA\ub294 LELIQ (\uc720\ub3d9\uc131 \uc870\uc808 \ub2e8\uae30 \ucc44\uad8c) \ud3d0\uc9c0 \ubc0f \ub2e8\uae30\uae08\ub9ac \ub2e8\uc21c\ud654\ub97c \ud3ec\ud568\ud55c \uc0c8\ub85c\uc6b4 \ud1b5\ud654\uccb4\uacc4\ub97c \ub3c4\uc785\ud588\ub2e4.
\ucd08\uae30\uc5d0\ub294 \ud558\ub8e8\ubb3c \ud658\ub9e4\uae08\ub9ac\uac00 \uc720\uc77c\ud55c \uae30\uc900\uae08\ub9ac\ub85c \uc0ac\uc6a9\ub418\uc5c8\uc73c\uba70,\ud658\uc728\uc740 \uc6d4 2%\uc758 \uc810\uc9c4\uc801 \ud3c9\uac00\uc808\uc0c1\uc73c\ub85c \uc6b4\uc601\ub418\uc5b4 \uba85\ubaa9\uae30\uc900\uc810\uc744 \uc81c\uacf5\ud588\ub2e4.
\ud1b5\ud654\uae30\uc800 \ub3d9\uacb0 \uc815\ucc45\uc740 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\ub97c \uc548\uc815\uc2dc\ud0a4\ub294 \ub370 \uae30\uc5ec\ud588\ub2e4.<\/p>\n\n\n\n

\uc9c0\ub09c 2\ub144\uac04\uc758 \uc9c4\uc804\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n\n\n\n

    \n
  1. \ud654\ud3d0\ubc1c\ud589\uc5d0 \uc758\uc874\ud55c \uc7ac\uc815\uc870\ub2ec \uc81c\uac70.<\/li>\n\n\n\n
  2. \uac00\uaca9 \ubc0f \uc790\ubcf8\ud1b5\uc81c \uc644\ud654.<\/li>\n\n\n\n
  3. \ud658\uc2dc\uc7a5 \uc811\uadfc \uc815\uc0c1\ud654 \ubc0f \uc2dc\uc7a5\uae30\ub2a5 \ud68c\ubcf5.<\/li>\n\n\n\n
  4. \uae08\uc735\uae30\uad00 \uac04 \uc720\ub3d9\uc131\uc2dc\uc7a5 \ubcf5\uc6d0.<\/li>\n\n\n\n
  5. \uc218\uc785\uad00\ub828 \ubbfc\uac04\uc678\ucc44 \uc9c0\uae09 \uc815\uc0c1\ud654.<\/li>\n\n\n\n
  6. BCRA \ub300\ucc28\ub300\uc870\ud45c\uc758 \uac74\uc804\ud654 (\ubcf4\uc720\ucc44\uad8c \ube44\uc911 65% \ucd95\uc18c, \uc774\uc790\ubd80\ubd80\ucc44 \uc81c\uac70).<\/li>\n<\/ol>\n\n\n\n

    \uc774\ub7ec\ud55c \uc815\ucc45\uc740 2024\ub144 4\uc6d4\uacbd \uc5f0 290%\uc5d0 \ub2ec\ud558\ub358 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc804\ud658\uc810\uc73c\ub85c \uc548\uc815\uc2dc\ucf30\ub2e4.
    2025\ub144 11\uc6d4\uc5d0\ub294 \uc5f0 31.4% \uc218\uc900\uc73c\ub85c \ub0ae\uc544\uc84c\uc73c\uba70, \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58\ub3c4 \uc548\uc815\uc801\uc73c\ub85c \ud558\ud5a5 \ucd94\uc138\ub97c \ubcf4\uc600\ub2e4.
    \uadf8\ub7ec\ub098 2025\ub144 4\uc6d4\uc758 \uc815\uce58 \ubd88\uc548(\uc120\uac70 \ucda9\uaca9)\uc73c\ub85c \uc778\ud574 \uc77c\uc2dc\uc801\uc73c\ub85c \ud654\ud3d0\uc218\uc694 \uae09\ub77d\uacfc \ub2ec\ub7ec\ud654 \uc804\ud658\uc774 \ubc1c\uc0dd\ud588\ub2e4.
    \uc774\ub85c \uc778\ud574 \ub2e8\uae30\uc801 \ubd88\uc548\uc774 \uc788\uc5c8\uc73c\ub098, \uc774\ud6c4 \uc810\ucc28 \uc548\uc815\uc774 \ud68c\ubcf5\ub418\uc5c8\ub2e4.
    \uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \ud574\uc18c\ub41c \uc774\ud6c4, 2026\ub144 \ud504\ub85c\uadf8\ub7a8\uc758 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\ub97c \ucd94\uc9c4\ud560 \uc5ec\uac74\uc774 \ub9c8\ub828\ub418\uc5c8\ub2e4.
    \uc774 \ub2e8\uacc4\uc758 \ubaa9\ud45c\ub294 \uacbd\uc81c\uc758 \uc7ac\ud654\ud3d0\ud654\uc640 \uad6d\uc81c\uc900\ube44\uae08\uc758 \ucd95\uc801\uc774\uba70, \uc774\ub294 \uacbd\uc81c\uc131\uc7a5\uacfc \ubb3c\uac00\uc548\uc815\uc758 \ub3d9\uc2dc \ub2ec\uc131\uc744 \uc704\ud55c \uac83\uc774\ub2e4.
    \uc5ed\uc0ac\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \ud654\ud3d0\ud654 \ube44\uc728(\ud1b5\ud654\uae30\uc800\/GDP)\uc740 8~9% \uc218\uc900\uc774\uc5c8\ub2e4.
    BCRA\ub294 \ud5a5\ud6c4 \uba87 \ub144\uac04 \uc774 \ube44\uc728\uc774 \uc810\uc9c4\uc801\uc73c\ub85c \uc0c1\uc2b9\ud558\uba74\uc11c\ub3c4 \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc744 \uc720\ubc1c\ud558\uc9c0 \uc54a\ub294 \uacbd\ub85c\ub97c \ubaa8\uc0c9\ud55c\ub2e4.
    \ub610\ud55c \uad6d\uc81c\uc790\ubcf8\uc2dc\uc7a5 \uc811\uadfc \ud68c\ubcf5\uc744 \ud1b5\ud574, \uad6d\ucc44 \ub9cc\uae30\uc5f0\uc7a5\uc5d0 \ud544\uc694\ud55c \uc678\ucc44\ub97c \ucc28\ud658\ud558\uba74\uc11c\ub3c4
    BCRA\uac00 \ucd95\uc801\ud558\ub294 \uc678\ud658\ubcf4\uc720\uace0\ub294 \ubd80\ucc44\uc0c1\ud658\uc774 \uc544\ub2cc \uc900\ube44\uae08 \ud655\ucda9 \uc6a9\ub3c4\ub85c \uc720\uc9c0\ub420 \uc608\uc815\uc774\ub2e4.<\/p>\n\n\n\n

    2026\ub144 \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8<\/p>\n\n\n\n

      \n
    1. \ubcc0\ub3d9\ud658\uc728 \ubc34\ub4dc \uc81c\ub3c4 \uc720\uc9c0:
      2026\ub144 1\uc6d4\ubd80\ud130 \ubc34\ub4dc \uc0c1\u00b7\ud558\ud55c\uc740 \ubb3c\uac00\uc0c1\uc2b9\ub960\uc5d0 \ub9de\ucdb0 \uc6d4\ubcc4 \uc870\uc815\ub418\uba70, \uae09\uaca9\ud55c \ud658\uc728\ubcc0\ub3d9\uc744 \ubc29\uc9c0\ud55c\ub2e4.<\/li>\n\n\n\n
    2. \uc0ac\uc804\uc608\uace0\ub41c \uc900\ube44\uae08 \ub9e4\uc785 \ud504\ub85c\uadf8\ub7a8:
      BCRA\ub294 2026\ub144 \ud55c \ud574 \ub3d9\uc548 \ud1b5\ud654\uc218\uc694\uc5d0 \uc0c1\uc751\ud558\ub294 \uaddc\ubaa8\ub85c \uc678\ud658\uc744 \ub9e4\uc785\ud55c\ub2e4.
      \ud1b5\ud654\uae30\uc800\ub294 GDP \ub300\ube44 4.2% \u2192 4.8%\ub85c \uc0c1\uc2b9.
      \uc57d 100\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc900\ube44\uae08 \ub9e4\uc785\uc744 \ubaa9\ud45c.
      \ud544\uc694 \uc2dc \ucd94\uac00\uc801\uc73c\ub85c GDP 1% \uc0c1\ub2f9(170\uc5b5 \ub2ec\ub7ec)\uc758 \ub9e4\uc785 \uc5ec\ub825 \ubcf4\uc720.<\/li>\n\n\n\n
    3. \uc2dc\uc7a5\uc6b4\uc601:
      \uc678\ud658\uc2dc\uc7a5 \uc720\ub3d9\uc131\uacfc \uc5f0\uacc4\ub41c \uc77c\uc77c \ub9e4\uc785 \uaddc\ubaa8\ub294 \uac70\ub798\ub7c9\uc758 5% \uc218\uc900\uc73c\ub85c \uc870\uc815\ub41c\ub2e4.
      \uc2dc\uc7a5 \uc548\uc815\uc774 \uc720\uc9c0\ub420 \uacbd\uc6b0 BCRA\ub294 \uc77c\uad04\ub9e4\uc785 \ubc29\uc2dd\ub3c4 \ud65c\uc6a9\ud560 \uc608\uc815\uc774\ub2e4.<\/li>\n\n\n\n
    4. \ucee4\ubba4\ub2c8\ucf00\uc774\uc158 \uac15\ud654:
      2025\ub144 12\uc6d4\ubd80\ud130 \ubd84\uae30\ubcc4 \ud1b5\ud654\uc815\ucc45 \ubcf4\uace0\uc11c \uc7ac\uac1c, \uc778\ud50c\ub808\uc774\uc158 \ubc0f \uac70\uc2dc\uacbd\uc81c \ubd84\uc11d\uc744 \ud22c\uba85\ud558\uac8c \uacf5\uac1c.<\/li>\n\n\n\n
    5. \uc9c0\uae09\uc900\ube44\uc728 \uc815\uc0c1\ud654:
      \uc740\ud589\uc758 \ubc95\uc815\uc900\ube44\uc728 \uc870\uc815\uc740 \uc810\uc9c4\uc801\uc73c\ub85c \uc9c4\ud589\ub418\uba70, \uae08\uc735\uc911\uac1c \uae30\ub2a5 \ud68c\ubcf5 \ubc0f \uac00\uaca9\uc548\uc815\uacfc \uc870\ud654\ub97c \uc774\ub8ec\ub2e4.<\/li>\n<\/ol>\n\n\n\n

      2026\ub144 \ud1b5\ud654\uc815\ucc45\uc758 \uc6b4\uc601 \uce21\uba74
      \uc2dc\uc7a5\uc870\uc791 \uc218\ub2e8:
      (i) \uacf5\uac1c\uc2dc\uc7a5\uc870\uc791 \u2014 LECAP \ub9e4\ub9e4 \uc911\uc2ec
      (ii) LECAP \ud658\ub9e4\uc870\uac74\ubd80\uac70\ub798(Repos) \u2014 \uae08\uc735\uae30\uad00\uacfc \ud611\ub825
      \ud544\uc694\uc2dc \uc9c0\uae09\uc900\ube44\uc728 \uc870\uc815\ub3c4 \ubcd1\ud589\ud55c\ub2e4.
      \uae08\uc735\uae30\uad00 \uc720\ub3d9\uc131 \uad00\ub9ac:
      \ub2e8\uae30\uc6b4\uc6a9\uc790\uae08\uc5d0 \ub300\ud574 \uc77c\ubcc4 \uc2dc\uc7a5\uae08\ub9ac \uae30\uc900\uc73c\ub85c \uc774\uc790 \uc9c0\uae09.
      \ucd08\uacfc\uc720\ub3d9\uc131\uc740 \uc7a5\uae30\uc0c1\ud488\uc73c\ub85c \uc720\ub3c4\ud574 \ub2e8\uae30\uae08\ub9ac \uc65c\uace1\uc744 \ubc29\uc9c0\ud55c\ub2e4.
      BCRA\uc758 \uc801\uadf9\uc801 \uc720\ub3d9\uc131 \uc870\uc815:
      \u201csaldeo\u201d\ub77c \ubd88\ub9ac\ub294 \ubc29\uc2dd\uc73c\ub85c, \uc740\ud589 \uc2dc\uc2a4\ud15c \ub0b4 \uc794\uc561\uc744 \uc77c\uad04 \uc870\uc815\ud55c\ub2e4.
      \ub2e8\uae30 \uc720\ub3d9\uc131 \uc870\uc815\uc218\ub2e8\uc740 \ud604\ud589 \uc81c\ud55c \ub0b4\uc5d0\uc11c \uc720\uc9c0\ub41c\ub2e4.
      \uc7ac\ubb34\uccad\uacfc\uc758 \uc870\uc728:
      \uc7ac\ubb34\uccad\uc758 \uc7ac\uc815\uc6b4\uc6a9\uc774 \ud1b5\ud654\uc815\ucc45\uacfc \ucda9\ub3cc\ud558\uc9c0 \uc54a\ub3c4\ub85d \uae34\ubc00\ud788 \ud611\uc870\ud558\uba70, \uc2dc\uc7a5 \uc720\ub3d9\uc131 \uade0\ud615\uc744 \uc720\uc9c0\ud558\ub3c4\ub85d \uc870\uc815\ud55c\ub2e4.
      \ub9c8\uc9c0\ub9c9\uc73c\ub85c, BCRA\ub294 \uacbd\uc81c\ud65c\ub3d9 \ubc0f \ubbfc\uac04\uc2e0\uc6a9 \ud655\ub300\uc758 \uc0c8\ub85c\uc6b4 \uc0ac\uc774\ud074\uc744 \uc608\uc0c1\ud558\uace0 \uc788\uc73c\uba70,
      \ud22c\uc790\u00b7\uc218\ucd9c\u00b7\uc18c\ube44 \uc9c4\uc791\uc774 \uc911\uc2ec \ub3d9\ub825\uc774 \ub420 \uac83\uc73c\ub85c \ubcf8\ub2e4.
      \uc774\uc790\uc9c0\uae09\uc131 \ubd80\ucc44\uac00 \uc81c\uac70\ub41c \uc0c1\ud0dc\uc5d0\uc11c \uc900\ube44\uae08 \ub9e4\uc785\uc744 \ud1b5\ud574 \ud654\ud3d0\uc218\uc694\ub97c \ucda9\uc871\uc2dc\ud0a4\uace0,
      \ud1b5\ud654\uacf5\uae09\uc740 \uc218\uc694\ubcf4\ub2e4 \ub290\ub9b0 \uc18d\ub3c4\ub85c \uc720\uc9c0\ud558\uc5ec \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158\uc744 \uc9c0\uc18d\ud560 \ubc29\uce68\uc774\ub2e4.<\/p>\n\n\n\n

      \ubc1c\ud45c\uc77c: 2025\ub144 12\uc6d4 15\uc77c (\uc6d4\uc694\uc77c)<\/p>\n","protected":false},"excerpt":{"rendered":"

      \ud1b5\ud654\uc815\ucc45 \uacf5\uc9c0\ud1b5\ud654\uc9c0\ud45c \uccb4\uacc4\uc758 \uc2ec\ud654: 2026\ub144 \uc7ac(\u518d)\ud654\ud3d0\ud654 \ub2e8\uacc4 \uac00\uaca9 \uc548\uc815\uc131\uc744 \uacf5\uace0\ud788 \ud558\uae30 \uc704\ud574, \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc740 \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8\uc758 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\ub97c \uc2dc\uc791\ud55c\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4.\ub2f9\uad6d\uc758 \ub178\ub825\uc774 \uc9d1\uc911\ub420 \ubaa9\ud45c\ub294 \uad6d\ub0b4 \uc778\ud50c\ub808\uc774\uc158\uc744 \uad6d\uc81c \uc218\uc900\uc5d0 \uc218\ub834\uc2dc\ud0a4\ub294 \uac83\uc774\ub2e4.\uac70\uc2dc\uacbd\uc81c \ubd88\uade0\ud615\uc758 \uc131\uacf5\uc801 \ud574\uc18c\uc640 \uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131(\ud2b9\ud788 \uc120\uac70\ub85c \uc778\ud55c \ubd88\uc548)\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc774 \uacac\uace0\ud558\uac8c \uc720\uc9c0\ub41c \ub355\ubd84\uc5d0, BCRA\ub294 \uc911\uae30\uc801\uc778 \uacc4\ud68d \uc218\ub9bd\uacfc \uc720\ub9ac\ud55c \uc870\uac74 \uc870\uc131\uc5d0 \uc9d1\uc911\ud560 \uc218 \uc788\uac8c \ub418\uc5c8\ub2e4.\uc774 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\uc5d0\uc11c\ub294 \uacbd\uc81c\uc758 \uc7ac\ud654\ud3d0\ud654(re-monetizaci\u00f3n)\uc640 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\uac00 \ud575\uc2ec\uc774 \ub41c\ub2e4.\ud1b5\ud654\uc815\ucc45\uc740 \ud1b5\ud654\uacf5\uae09\uc744 \ud655\ub300\ud558\uae30\ubcf4\ub2e4\ub294 \uc678\ud658\ubcf4\uc720\uace0 \ucd95\uc801\uc744 \uc6b0\uc120\uc2dc\ud558\uc5ec \ud1b5\ud654 \uc218\uc694\ub97c \ucda9\uc871\uc2dc\ud0a4\ub294 \ubc29\uc2dd\uc73c\ub85c \uc6b4\uc601\ub420 \uac83\uc774\ub2e4.BCRA\ub294 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00\uc548\uc815\ud654) \uacfc\uc815\uacfc \uad6d\uc81c\uc900\ube44\uae08 \ucd95\uc801\uc744 \uc870\ud654\uc2dc\ud0a4\ub294 \ubc29\ud5a5\uc73c\ub85c \ud1b5\ud654\uc9c0\ud45c \uada4\uc801\uc744 \uc124\uacc4\ud55c\ub2e4. \uc8fc\uc694 \ucc44\ud0dd \uc870\uce58 \uc694\uc57d2026\ub144 1\uc6d4 1\uc77c\ubd80\ud130 \ud658\uc728\ubcc0\ub3d9 \ubc34\ub4dc\uc758 \uc0c1\u00b7\ud558\ud55c\uc774 INDEC(\uad6d\uac00\ud1b5\uacc4\uccad)\uc774 \ubc1c\ud45c\ud558\ub294 \uc804\uc6d4 \ubb3c\uac00\uc0c1\uc2b9\ub960(T-2 \uae30\uc900)\uc5d0 \ub9de\ucdb0 \ub9e4\uc6d4 \uc870\uc815\ub41c\ub2e4.\uac19\uc740 \ub0a0\ubd80\ud130 BCRA\ub294 \ud1b5\ud654\uc218\uc694 \uc99d\uac00\uc5d0 \uc0c1\uc751\ud558\ub294 \uc900\ube44\uae08 \ucd95\uc801 \ud504\ub85c\uadf8\ub7a8\uc744 \uc2dc\ud589\ud55c\ub2e4.\uae30\ubcf8 \uc2dc\ub098\ub9ac\uc624\ub294 2026\ub144 \ub9d0\uae4c\uc9c0 \ud1b5\ud654\uae30\uc800\uac00 GDP\uc758 4.2%\uc5d0\uc11c 4.8%\ub85c \ud655\ub300\ub418\ub294 \uac83\uc73c\ub85c,\uc774\ub97c \uc704\ud574 \uc57d 100\uc5b5 \ub2ec\ub7ec\uc758 \uc678\ud658 \ub9e4\uc785\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4.\ucd94\uac00\ub85c GDP\uc758 1%\uc5d0 \ud574\ub2f9\ud558\ub294 \ucd94\uac00 \uc218\uc694\uac00 \ubc1c\uc0dd\ud560 \uacbd\uc6b0, 170\uc5b5 \ub2ec\ub7ec\uae4c\uc9c0 \ub9e4\uc785\uc774 \ud655\ub300\ub420 \uc218 \uc788\ub2e4.BCRA\ub294 \uc77c\uc77c \uc678\ud658\uc2dc\uc7a5 \uc720\ub3d9\uc131 \uad00\ub9ac \ubc94\uc704 \ub0b4\uc5d0\uc11c \ub9e4\uc785\uc744 \ubd84\uc0b0 \uc2dc\ud589\ud558\uc5ec \uc2dc\uc7a5 \uc548\uc815\uc131\uc744 \uc720\uc9c0\ud560 \uac83\uc774\ub2e4.\ubc30\uacbd: \ucd5c\uadfc \uc9c4\uc804 \ubc0f \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8\uc758 \uc804\uac1c2024\ub144\uc758 \uac70\uc2dc\uacbd\uc81c \uc548\uc815\uc740 \uc7ac\uc815\uaddc\uc728 \ud655\ub9bd, \uad6d\ucc44\uc758 \ud654\ud3d0\ubc1c\ud589\uc744 \ud1b5\ud55c \uc9c1\uc811\uc801 \uc7ac\uc6d0\uc870\ub2ec \uc911\ub2e8, \uc774\uc790\uc9c0\uae09\uc131 \ubd80\ucc44 \uc81c\uac70\ub97c \ud1b5\ud574 \ub2ec\uc131\ub418\uc5c8\ub2e4.2023\ub144 12\uc6d4\ubd80\ud130 BCRA\ub294 LELIQ (\uc720\ub3d9\uc131 \uc870\uc808 \ub2e8\uae30 \ucc44\uad8c) \ud3d0\uc9c0 \ubc0f \ub2e8\uae30\uae08\ub9ac \ub2e8\uc21c\ud654\ub97c \ud3ec\ud568\ud55c \uc0c8\ub85c\uc6b4 \ud1b5\ud654\uccb4\uacc4\ub97c \ub3c4\uc785\ud588\ub2e4.\ucd08\uae30\uc5d0\ub294 \ud558\ub8e8\ubb3c \ud658\ub9e4\uae08\ub9ac\uac00 \uc720\uc77c\ud55c \uae30\uc900\uae08\ub9ac\ub85c \uc0ac\uc6a9\ub418\uc5c8\uc73c\uba70,\ud658\uc728\uc740 \uc6d4 2%\uc758 \uc810\uc9c4\uc801 \ud3c9\uac00\uc808\uc0c1\uc73c\ub85c \uc6b4\uc601\ub418\uc5b4 \uba85\ubaa9\uae30\uc900\uc810\uc744 \uc81c\uacf5\ud588\ub2e4.\ud1b5\ud654\uae30\uc800 \ub3d9\uacb0 \uc815\ucc45\uc740 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\ub97c \uc548\uc815\uc2dc\ud0a4\ub294 \ub370 \uae30\uc5ec\ud588\ub2e4. \uc9c0\ub09c 2\ub144\uac04\uc758 \uc9c4\uc804\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4: \uc774\ub7ec\ud55c \uc815\ucc45\uc740 2024\ub144 4\uc6d4\uacbd \uc5f0 290%\uc5d0 \ub2ec\ud558\ub358 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc804\ud658\uc810\uc73c\ub85c \uc548\uc815\uc2dc\ucf30\ub2e4.2025\ub144 11\uc6d4\uc5d0\ub294 \uc5f0 31.4% \uc218\uc900\uc73c\ub85c \ub0ae\uc544\uc84c\uc73c\uba70, \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58\ub3c4 \uc548\uc815\uc801\uc73c\ub85c \ud558\ud5a5 \ucd94\uc138\ub97c \ubcf4\uc600\ub2e4.\uadf8\ub7ec\ub098 2025\ub144 4\uc6d4\uc758 \uc815\uce58 \ubd88\uc548(\uc120\uac70 \ucda9\uaca9)\uc73c\ub85c \uc778\ud574 \uc77c\uc2dc\uc801\uc73c\ub85c \ud654\ud3d0\uc218\uc694 \uae09\ub77d\uacfc \ub2ec\ub7ec\ud654 \uc804\ud658\uc774 \ubc1c\uc0dd\ud588\ub2e4.\uc774\ub85c \uc778\ud574 \ub2e8\uae30\uc801 \ubd88\uc548\uc774 \uc788\uc5c8\uc73c\ub098, \uc774\ud6c4 \uc810\ucc28 \uc548\uc815\uc774 \ud68c\ubcf5\ub418\uc5c8\ub2e4.\uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \ud574\uc18c\ub41c \uc774\ud6c4, 2026\ub144 \ud504\ub85c\uadf8\ub7a8\uc758 \uc0c8\ub85c\uc6b4 \ub2e8\uacc4\ub97c \ucd94\uc9c4\ud560 \uc5ec\uac74\uc774 \ub9c8\ub828\ub418\uc5c8\ub2e4.\uc774 \ub2e8\uacc4\uc758 \ubaa9\ud45c\ub294 \uacbd\uc81c\uc758 \uc7ac\ud654\ud3d0\ud654\uc640 \uad6d\uc81c\uc900\ube44\uae08\uc758 \ucd95\uc801\uc774\uba70, \uc774\ub294 \uacbd\uc81c\uc131\uc7a5\uacfc \ubb3c\uac00\uc548\uc815\uc758 \ub3d9\uc2dc \ub2ec\uc131\uc744 \uc704\ud55c \uac83\uc774\ub2e4.\uc5ed\uc0ac\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \ud654\ud3d0\ud654 \ube44\uc728(\ud1b5\ud654\uae30\uc800\/GDP)\uc740 8~9% \uc218\uc900\uc774\uc5c8\ub2e4.BCRA\ub294 \ud5a5\ud6c4 \uba87 \ub144\uac04 \uc774 \ube44\uc728\uc774 \uc810\uc9c4\uc801\uc73c\ub85c \uc0c1\uc2b9\ud558\uba74\uc11c\ub3c4 \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc744 \uc720\ubc1c\ud558\uc9c0 \uc54a\ub294 \uacbd\ub85c\ub97c \ubaa8\uc0c9\ud55c\ub2e4.\ub610\ud55c \uad6d\uc81c\uc790\ubcf8\uc2dc\uc7a5 \uc811\uadfc \ud68c\ubcf5\uc744 \ud1b5\ud574, \uad6d\ucc44 \ub9cc\uae30\uc5f0\uc7a5\uc5d0 \ud544\uc694\ud55c \uc678\ucc44\ub97c \ucc28\ud658\ud558\uba74\uc11c\ub3c4BCRA\uac00 \ucd95\uc801\ud558\ub294 \uc678\ud658\ubcf4\uc720\uace0\ub294 \ubd80\ucc44\uc0c1\ud658\uc774 \uc544\ub2cc \uc900\ube44\uae08 \ud655\ucda9 \uc6a9\ub3c4\ub85c \uc720\uc9c0\ub420 \uc608\uc815\uc774\ub2e4. 2026\ub144 \ud1b5\ud654\uc815\ucc45 \ud504\ub85c\uadf8\ub7a8 2026\ub144 \ud1b5\ud654\uc815\ucc45\uc758 \uc6b4\uc601 \uce21\uba74\uc2dc\uc7a5\uc870\uc791 \uc218\ub2e8:(i) \uacf5\uac1c\uc2dc\uc7a5\uc870\uc791 \u2014 LECAP \ub9e4\ub9e4 \uc911\uc2ec(ii) LECAP \ud658\ub9e4\uc870\uac74\ubd80\uac70\ub798(Repos) \u2014 \uae08\uc735\uae30\uad00\uacfc \ud611\ub825\ud544\uc694\uc2dc \uc9c0\uae09\uc900\ube44\uc728 \uc870\uc815\ub3c4 \ubcd1\ud589\ud55c\ub2e4.\uae08\uc735\uae30\uad00 \uc720\ub3d9\uc131 \uad00\ub9ac:\ub2e8\uae30\uc6b4\uc6a9\uc790\uae08\uc5d0 \ub300\ud574 \uc77c\ubcc4 \uc2dc\uc7a5\uae08\ub9ac \uae30\uc900\uc73c\ub85c \uc774\uc790 \uc9c0\uae09.\ucd08\uacfc\uc720\ub3d9\uc131\uc740 \uc7a5\uae30\uc0c1\ud488\uc73c\ub85c \uc720\ub3c4\ud574 \ub2e8\uae30\uae08\ub9ac \uc65c\uace1\uc744 \ubc29\uc9c0\ud55c\ub2e4.BCRA\uc758 \uc801\uadf9\uc801 \uc720\ub3d9\uc131 \uc870\uc815:\u201csaldeo\u201d\ub77c \ubd88\ub9ac\ub294 \ubc29\uc2dd\uc73c\ub85c, \uc740\ud589 \uc2dc\uc2a4\ud15c \ub0b4 \uc794\uc561\uc744 \uc77c\uad04 \uc870\uc815\ud55c\ub2e4.\ub2e8\uae30 \uc720\ub3d9\uc131 \uc870\uc815\uc218\ub2e8\uc740 \ud604\ud589 \uc81c\ud55c \ub0b4\uc5d0\uc11c \uc720\uc9c0\ub41c\ub2e4.\uc7ac\ubb34\uccad\uacfc\uc758 \uc870\uc728:\uc7ac\ubb34\uccad\uc758 \uc7ac\uc815\uc6b4\uc6a9\uc774 \ud1b5\ud654\uc815\ucc45\uacfc \ucda9\ub3cc\ud558\uc9c0 \uc54a\ub3c4\ub85d \uae34\ubc00\ud788 \ud611\uc870\ud558\uba70, \uc2dc\uc7a5 \uc720\ub3d9\uc131 \uade0\ud615\uc744 \uc720\uc9c0\ud558\ub3c4\ub85d \uc870\uc815\ud55c\ub2e4.\ub9c8\uc9c0\ub9c9\uc73c\ub85c, BCRA\ub294 \uacbd\uc81c\ud65c\ub3d9 \ubc0f \ubbfc\uac04\uc2e0\uc6a9 \ud655\ub300\uc758 \uc0c8\ub85c\uc6b4 \uc0ac\uc774\ud074\uc744 \uc608\uc0c1\ud558\uace0 \uc788\uc73c\uba70,\ud22c\uc790\u00b7\uc218\ucd9c\u00b7\uc18c\ube44 \uc9c4\uc791\uc774 \uc911\uc2ec \ub3d9\ub825\uc774 \ub420 \uac83\uc73c\ub85c \ubcf8\ub2e4.\uc774\uc790\uc9c0\uae09\uc131 \ubd80\ucc44\uac00 \uc81c\uac70\ub41c \uc0c1\ud0dc\uc5d0\uc11c \uc900\ube44\uae08 \ub9e4\uc785\uc744 \ud1b5\ud574 \ud654\ud3d0\uc218\uc694\ub97c \ucda9\uc871\uc2dc\ud0a4\uace0,\ud1b5\ud654\uacf5\uae09\uc740 \uc218\uc694\ubcf4\ub2e4 \ub290\ub9b0 \uc18d\ub3c4\ub85c \uc720\uc9c0\ud558\uc5ec \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158\uc744 \uc9c0\uc18d\ud560 \ubc29\uce68\uc774\ub2e4. \ubc1c\ud45c\uc77c: 2025\ub144 12\uc6d4 15\uc77c 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